T'puram: Demanding that the probe into the irregularity at Nemom Service Cooperative Bank be handed over to the enforcement directorate (ED), the Federation of Residents' Associations in Nemom Sector (FRANS) staged a sit-in protest in front of the bank on Tuesday.
The collective also demanded the confiscation of the wealth of former administrative panel members and the auctioning of the bank building, which was constructed using the money of the depositors who were cheated.
During the preliminary inquiry conducted by the cooperative department, an irregularity worth Rs 60 crore was reported. Using fake receipts of fixed deposits at the bank, the accused allegedly cheated KSFE as well. The accused produced these fake receipts as a guarantee for releasing chit funds worth crores of rupees.
"Despite this huge irregularity taking place at a CPM-ruled bank, the govt has not taken any steps to hand over the probe to the ED. Instead, the accused, who were local CPM leaders, were terminated from the party membership and downgraded in the party as a measure to save its face," the collective said.
Over 200 people, including the depositors and locals, took part in the protest. The protest was inaugurated by R S Sasikumar, patron of FRANS, and attended by councilor M R Gopan, and depositors Mannankal Ramachandran, R Vijayan Nair, Mujeeb Rahman, Nemom Rajan, Janeer, Jayadas, Steephanson, Santhivila Vinod, KB Gopakumar, and Sajitha Kumari.